Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in small cap equity securities. Such securities will be publicly traded and issued by domestic issuers directly. The Fund primarily seeks to purchase common stock. The Investment Adviser considers small cap securities to be securities that at the time of purchase have market capitalizations between (or equal) to the largest and smallest companies within the Russell 2000 Index and/or are constituents of the Russell 2000 Index, as of the date of the latest reconstitution. As of January 31, 2024, the market capitalization range of companies included in the Russell 2000 Index was $12.92 million to $29.58 billion. The Fund will concentrate at least 25% of its net assets in the Software & Services Industry Group within the Information Technology Sector.

Brown Brothers Harriman & Co. (“BBH&Co.”), through a separately identifiable department (“Investment Adviser”), employs a “manager of managers” investment approach, whereby it allocates the Fund’s assets to the Fund’s Sub-adviser, Bares Capital Management, Inc. (“Sub-adviser”). Subject to the general supervision by the Fund’s Board of Trustees (“Board”), the Investment Adviser oversees the Sub-adviser and evaluates its performance results. The Investment Adviser reviews portfolio performance, characteristics and changes in key personnel of the Sub-adviser. The Sub-adviser is primarily responsible for the day-to-day management of the Fund’s portfolio, including purchases and sales of individual securities. However, the Investment Adviser may, when deemed appropriate, manage all or a portion of the Fund’s assets according to the Fund’s principal investment strategies.

The Sub-adviser’s focuses on identifying companies that it believes are qualitatively excellent through “bottoms-up” research, primarily involving a review of public documents; field work, including company site visits, industry trade shows, user conferences and product demonstrations; discussions with suppliers, customers and competitors; and other primary and secondary

due diligence. The Fund will typically invest in companies with durable competitive advantages; the potential for high returns on invested capital; skilled, shareholder-friendly management teams; and large growth opportunities. After qualitative assessment is complete, the Sub-adviser values the companies that meet its criteria using a discounted cash flow model or other relevant methods and invests in a limited number of companies that present the most compelling mix of qualitative characteristics (e.g., competitive position) and quantitative metrics (e.g., price in relation to intrinsic value). As part of the Fund’s investment process, the Sub-adviser considers environmental, social and governance (“ESG”) factors for certain investments in the portfolio. ESG factors include, the environmental and social impact of the issuer as well as the issuer’s instituted governance programs. Investments may be sold if they appreciate to levels at or near the higher end of the Sub-adviser’s estimated ranges of intrinsic value. However, the Fund may retain these investments if they continue to meet the Fund’s investment objective and strategy.

The Fund operates as a “non-diversified company” under the Investment Company Act of 1940 (the “1940 Act”), which means that the Fund may invest a significant portion of its assets in the securities of a limited number of issuers. The Fund invests in at least 20 companies, each of which must meet the Sub-adviser’s prescriptive fundamental criteria.